Revlon reports net sales decreased 5.3% y/y on a pro forma basis to $645.7 mln; Reports adjusted net loss of ($24.7 mln) compared to net income of $13 mln in prior year period (17.75)
- As Reported net sales were $645.7 million in the second quarter of 2017, an increase of 32.1% compared to the prior-year period, driven by the acquisition of Elizabeth Arden. On a Pro Forma basis, net sales decreased by 5.3%, or 3.9% XFX, as declining consumption in core beauty categories in the North America mass retail channel more than offset strong international growth. On a brand basis, net sales growth in Revlon color cosmetics and Elizabeth Arden products was more than offset by sales declines in Almay, SinfulColors, CND and American Crew.
- As of June 30, 2017, the Company had drawn $87.5 million on its Revolving Credit Facility and had over $300 million of liquidity, consisting of $83.2 million of unrestricted cash and cash equivalents, as well as $231 million in available borrowing capacity under the Revolving Credit Facility. The Company has taken steps to improve its domestic liquidity position, such as repatriating cash to the U.S. using tax-effective methods and effectively managing its working capital needs. Net cash used in operating activities in the first six months of 2017 was $139.2 million, compared to net cash used by operating activities of $51.9 million in the same period last year.